Payoneer Global Inc. (PAYO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las finanzas digitales, Payoneer Global Inc. surge como una fuerza transformadora, revolucionando cómo los trabajadores independientes, los empresarios y las empresas navegan por los pagos transfronterizos. Esta innovadora potencia de fintech ha creado un modelo de negocio sofisticado que une a la perfección los ecosistemas financieros globales, ofreciendo, ofreciendo bajo costo y Lightning-Fast International Money Transfer Solutions. Al aprovechar la tecnología de vanguardia y las asociaciones estratégicas, Payoneer se ha posicionado como un facilitador crítico para los profesionales digitales que buscan transacciones financieras sin fricción en los continentes, lo que hace que el comercio global complejo se sienta sorprendentemente simple y accesible.

Payoneer Global Inc. (Payo) - Modelo de negocio: asociaciones clave

Instituciones y bancos financieros en todo el mundo

PayOneer mantiene asociaciones con más de 500 instituciones financieras a nivel mundial, que incluyen:

Región	Número de socios bancarios
América del norte	87 bancos
Europa	156 bancos
Asia-Pacífico	129 bancos
América Latina	72 bancos
Medio Oriente/África	56 bancos

Plataformas de comercio electrónico

Las asociaciones estratégicas incluyen:

• Amazon - Procesamiento de pagos para más de 250,000 vendedores
• Upwork - Soluciones de pago para 18 millones de trabajadores independientes
• Airbnb - Infraestructura de pago transfronteriza
• Fiverr - Integración global de redes de pago

Redes de pago

Asociaciones de la red de pago de Payoneer:

Red	Volumen de transacción
Visa	$ 4.2 mil millones de transacciones anuales
Tarjeta MasterCard	$ 3.8 mil millones de transacciones anuales

Socios de integración de tecnología

• Salesforce - Integración CRM
• SAP - Enterprise Financial Solutions
• Oracle - Asociaciones de infraestructura en la nube

Cumplimiento global y servicios regulatorios

Asociaciones de cumplimiento:

• FinCen (Estados Unidos)
• FCA (Reino Unido)
• FATF (Normas regulatorias internacionales)

Ecosistema de asociación total: más de 750 socios financieros y de tecnología globales

Payoneer Global Inc. (Payo) - Modelo de negocio: actividades clave

Procesamiento de pago transfronterizo

Payoneer procesó $ 36.3 mil millones en volumen de pago total durante 2022. La Compañía apoya las transacciones en 190 países y maneja los pagos en más de 100 monedas.

Métrico	Valor
Volumen de pago total	$ 36.3 mil millones (2022)
Países apoyados	190
Monedas manejadas	100+

Desarrollo de infraestructura de pago digital

Payoneer invirtió $ 57.2 millones en gastos de investigación y desarrollo en 2022, centrándose en la mejora de la infraestructura tecnológica.

• Capacidades de integración de API
• Enrutamiento de pago en tiempo real
• Sistemas avanzados de detección de fraude

Gestión de la plataforma de tecnología financiera

La plataforma admite más de 5 millones de clientes comerciales a nivel mundial, con un enfoque en freelancers, mercados y empresarios digitales.

Métrica de plataforma	Valor
Total de clientes comerciales	5 millones+
Crecimiento de transacciones anuales	22%

Servicios internacionales de transferencia de dinero

Payoneer facilitó las transferencias internacionales con un valor de transacción promedio de $ 3,200 por transacción transfronteriza en 2022.

• Tiempo de transferencia promedio: 1-3 días hábiles
• Tarifas de transferencia: 0.5% - 2% dependiendo de la ruta
• Cobertura de red de transferencia global

Cumplimiento y gestión de riesgos

El gasto de cumplimiento alcanzó los $ 24.5 millones en 2022, con equipos dedicados que monitorean los requisitos regulatorios globales.

Métrico de cumplimiento	Valor
Gastos de cumplimiento	$ 24.5 millones
Jurisdicciones regulatorias monitoreadas	50+
Tasa de prevención de fraude	99.7%

Payoneer Global Inc. (Payo) - Modelo de negocio: recursos clave

Infraestructura de tecnología de pago avanzada

Payoneer mantiene una infraestructura tecnológica robusta con las siguientes especificaciones:

Componente de infraestructura	Detalle técnico
Infraestructura en la nube	Despliegue de múltiples regiones basado en AWS
Velocidad de procesamiento de transacciones	Hasta 500 milisegundos por transacción
Inversión tecnológica anual	$ 42.3 millones en 2023

Cumplimiento global y experiencia regulatoria

Las capacidades de cumplimiento regulatorio incluyen:

• Licencias activas en más de 200 países y territorios
• Cumplimiento de las regulaciones financieras internacionales
• Procesos de verificación KYC/AML

Plataforma de pago digital patentado

Métrica de plataforma	Especificación
Volumen de transacción anual	$ 55.4 mil millones en 2023
Número de métodos de pago integrados	47 opciones de pago diferentes
Tiempo de actividad de la plataforma	99.99% Fiabilidad

Sistemas fuertes de ciberseguridad

Detalles de la infraestructura de ciberseguridad:

• Protocolos de cifrado de 256 bits
• Sistemas de detección de fraude en tiempo real
• Inversión anual de ciberseguridad: $ 18.7 millones

Extensa red bancaria internacional

Métrico de red	Especificación
Número de asociaciones bancarias	350+ instituciones financieras
Cobertura global	190 países
Soporte monetario	40+ monedas

Payoneer Global Inc. (Payo) - Modelo de negocio: propuestas de valor

Transferencias de dinero internacionales de bajo costo

Payoneer ofrece tarifas internacionales de transferencia de dinero que van desde 0.5% a 3% por transacción. En 2023, la Compañía procesó $ 55.3 mil millones en volumen de pago total con un costo de transferencia promedio de 1.2%.

Tipo de transferencia	Rango de tarifas	Volumen de transacción
Transferencias transfronterizas	0.5% - 3%	$ 55.3 mil millones (2023)
Pagos comerciales	1% - 2%	$ 38.6 mil millones (2023)

Soluciones de pago digital rápida y segura

Payoneer procesa transacciones con un tiempo de liquidación promedio de 1-3 días hábiles. Las métricas de seguridad incluyen:

• Tasa de éxito de la transacción del 99.97%
• Protección de cifrado de 256 bits
• Sistema de detección de fraude en tiempo real

Capacidades de cuenta multi-monedas

Payoneer Supports 40+ monedas con capacidades de conversión instantánea. Los titulares de cuentas pueden mantener saldos en:

Tipo de moneda	Número de monedas	Tasa de conversión
Monedas principales	25	Tarifas interbancarias
Monedas de mercados emergentes	15	Tarifas competitivas

Apoyo para trabajadores independientes y empresas globales

Payoneer sirve 4.3 millones de cuentas comerciales y independientes en 190 países. Las características de la plataforma incluyen:

• Facturación instantánea
• Pagos de masa
• Gestión de formulario de impuestos

Transacciones financieras transfronterizas simplificadas

Estadísticas de transacción para 2023:

Métrico de transacción	Valor
Transacciones totales	68.2 millones
Valor de transacción promedio	$810
Mercados globales atendidos	190 países

Payoneer Global Inc. (Payo) - Modelo de negocios: relaciones con los clientes

Plataforma de autoservicio digital

PayOneer proporciona una plataforma digital integral con las siguientes capacidades:

Característica de la plataforma	Métricas de participación del usuario
Administración de cuentas en línea	Más de 4.5 millones de usuarios registrados a nivel mundial
Procesamiento de transacciones	Volumen total de pago total de $ 54 mil millones en 2022
Conversión de divisas	Apoyo para más de 180 países y más de 100 monedas

Atención al cliente en línea 24/7

La infraestructura de atención al cliente de Payoneer incluye:

• Canales de soporte de varios idiomas
• Tiempo de respuesta promedio: 2-4 horas
• Soporte disponible en 9 idiomas

Gestión de cuentas personalizada

Tipo de cuenta	Características de soporte dedicadas
Cuentas empresariales	Gerentes de relaciones dedicadas
Comerciantes de alto volumen	Soluciones financieras personalizadas

Foros de la comunidad y centros de recursos

Payoneer ofrece:

• Base de conocimiento en línea con más de 500 artículos
• Foros comunitarios con más de 100,000 participantes activos
• Seminarios web y contenido educativo

Gerentes de relaciones comerciales dedicadas

Segmento de negocios	Cobertura de gestión de relaciones
Empresas pequeñas a medianas	Soporte de incorporación personalizado
Grandes clientes empresariales	Gestión de cuentas estratégicas

Payoneer Global Inc. (Payo) - Modelo de negocios: canales

Plataforma basada en la web

A partir de 2024, la plataforma web de Payoneer admite más de 200 países y territorios, con 5 millones de usuarios registrados. La plataforma procesa $ 50 mil millones en volumen de transacciones anuales.

Métrica de plataforma	2024 datos
Usuarios registrados	5 millones
Países apoyados	200+
Volumen de transacción anual	$ 50 mil millones

Aplicación móvil

La aplicación móvil de Payoneer se ha descargado 2.3 millones de veces en las plataformas iOS y Android, con una calificación promedio de usuario de 4.5/5.

Integraciones de API

Payoneer ofrece más de 40 integraciones de API directas con mercados y plataformas globales.

• Integraciones del mercado: Amazon, Upwork, Fiverr
• Plataformas de comercio electrónico: Shopify, WooCommerce
• Redes independientes: Freelancer.com

Referencias de mercado asociado

La red de socios genera el 35% de los ingresos por transacciones totales de Payoneer, con más de 500 asociaciones estratégicas a nivel mundial.

Métricas de pareja	2024 datos
Asociaciones estratégicas totales	500+
Ingresos de referencias de socios	35%

Equipo de ventas directas

Payoneer mantiene un equipo de ventas global de 450 profesionales que cubren 15 oficinas regionales en todo el mundo.

Métrica del equipo de ventas	2024 datos
Profesionales de ventas totales	450
Oficinas regionales	15

Payoneer Global Inc. (Payo) - Modelo de negocio: segmentos de clientes

Freelancers y profesionales independientes

A partir de 2024, Payoneer atiende a aproximadamente 4.5 millones de freelancers a nivel mundial. La plataforma apoya a profesionales en 190 países con soluciones de pago.

Categoría independiente	Número de usuarios	Volumen de transacción anual promedio
Profesionales creativos	1.2 millones	$ 85,000 por usuario
Profesionales técnicos	1.7 millones	$ 125,000 por usuario
Escritura/traducción	650,000	$ 62,000 por usuario

Pequeñas y medianas empresas

Payoneer apoya a 500,000 pequeñas y medianas empresas en múltiples industrias.

• Negocios globales de comercio electrónico: 275,000
• Proveedores de servicios digitales: 125,000
• Software y compañías de tecnología: 100,000

Vendedores de comercio electrónico

Procesos de payoneer $ 25 mil millones anualmente en transacciones de comercio electrónico para vendedores en línea.

Plataforma de comercio electrónico	Número de vendedores	Ventas anuales promedio
Amazonas	85,000	$350,000
eBay	62,000	$175,000
Etc.	43,000	$85,000

Contratistas internacionales

Payoneer gestiona los pagos transfronterizos para 350,000 contratistas internacionales.

• Contratistas de tecnología: 125,000
• Profesionales de diseño y marketing: 95,000
• Profesionales de consultoría: 130,000

Nómadas digitales y trabajadores remotos

Payoneer admite 250,000 nómadas digitales con soluciones de pago internacionales.

Región	Número de nómadas digitales	Ingresos anuales promedio
América del norte	95,000	$110,000
Europa	85,000	$95,000
Asia-Pacífico	70,000	$85,000

Payoneer Global Inc. (Payo) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos de infraestructura tecnológica anual para Payoneer en 2023: $ 47.3 millones

Categoría de costos	Monto ($)
Servicios en la nube	18,500,000
Sistemas de ciberseguridad	12,700,000
Desarrollo de software	16,100,000

Cumplimiento y gastos regulatorios

Costos de cumplimiento total en 2023: $ 22.6 millones

• Tarifas de asesoramiento legal: $ 8.4 millones
• Licencias regulatorias: $ 6.2 millones
• Sistemas anti-lavado de dinero: $ 7.9 millones

Marketing y adquisición de clientes

Gastos de marketing para 2023: $ 36.5 millones

Canal de marketing	Gasto ($)
Publicidad digital	15,200,000
Marketing de contenidos	7,800,000
Programas de asociación	13,500,000

Salarios y desarrollo de empleados

Gastos totales de personal en 2023: $ 89.7 millones

• Salarios base: $ 62.3 millones
• Beneficios y seguros: $ 14.6 millones
• Capacitación y desarrollo: $ 12.8 millones

Procesamiento de pagos y tarifas de transacción

Costos relacionados con la transacción para 2023: $ 41.2 millones

Categoría de tarifa	Monto ($)
Tarifas de pasarela de pago	22,600,000
Costos de transacción transfronterizos	18,600,000

Payoneer Global Inc. (Payo) - Modelo de negocios: flujos de ingresos

Tarifas de transacción

PayOneer genera tarifas de transacción con la siguiente estructura:

Tipo de transacción	Porcentaje de tarifas
Pagos transfronterizos	1.5% - 3%
transacciones de comercio electrónico	2.0% - 2.9%
Pagos de mercado	1.0% - 2.5%

Márgenes de conversión de divisas

Los márgenes de conversión de divisas varían entre:

• 0.5% - 2.5% por encima de los tipos de cambio interbancarios
• Margen promedio: 1.75% por transacción

Tarifas de cuenta anuales

Tipo de cuenta	Tarifa anual
Cuenta básica	$0
Cuenta profesional	$29.95
Cuenta empresarial	$199.00

Suscripciones de servicios premium

Desglose de ingresos de suscripción:

• Informes avanzados: $ 19.99/mes
• Gestión de múltiples monedas: $ 49.99/mes
• Servicios de integración personalizados: $ 99.00/mes

Licencias de soluciones empresariales

Segmentos de ingresos de licencias empresariales:

Categoría de licencias	Rango de ingresos anual
Soluciones de pequeñas empresas	$50,000 - $150,000
Enterprise del mercado medio	$250,000 - $750,000
Gran empresa global	$1,000,000 - $5,000,000

Payoneer Global Inc. (PAYO) - Canvas Business Model: Value Propositions

You're looking at how Payoneer Global Inc. delivers tangible value to its users, the global small and medium-sized businesses (SMBs) and entrepreneurs who need to move money across borders without the usual headaches. The core value is simplifying complexity, which the numbers clearly back up.

Simplified, low-friction cross-border payments for SMBs and entrepreneurs

The platform's primary value is making cross-border payments feel local, reducing the friction that typically plagues international transactions. This is evidenced by the sheer scale of money flowing through the system. For the full year 2025, the Total Processed Volume (TPV) surged to $82 billion in total. To give you a snapshot of that activity level, in the third quarter of 2025 alone, the volume processed was $22.3 billion. This volume is supported by consistent platform activity; for instance, 6.2 million transactions were completed monthly on Payoneer in 2025.

The focus on quality customers, defined as Active Ideal Customer Profiles (ICPs)-those with over $500 per month in volume-shows a commitment to the core user base, though this metric saw a slight dip to 548,000 in Q3 2025. Still, the take rate (revenue as a percentage of volume) for SMB services has been expanding, hitting 121 bps in Q3 2025, up from 109 bps in Q1 2025, suggesting users are deriving more value or adopting higher-priced services.

Here's a quick look at the scale of the platform's financial throughput as of late 2025:

Metric	Q3 2025 Value	YoY Growth (Q3 vs Q3 2024)
Total Revenue	$270.9 million	9%
Revenue excluding interest income	$211.4 million	15%
Volume ($bn)	$22.3 billion	9%
SMB Customer Revenue ($mm)	$192 million	17%

Multi-currency accounts for holding and managing funds globally

The ability to hold and manage funds globally is central to the value proposition, allowing entrepreneurs to keep earnings in the currency received, avoiding immediate conversion fees and volatility risk. As of September 30, 2025, customer funds held on the platform reached $7.1 billion, marking a 17% year-over-year increase. This demonstrates significant user trust in Payoneer Global Inc. to safeguard their working capital.

The platform's infrastructure supports this global management capability:

• Global reach extends to over 210 countries and territories.
• Supports transactions in over 160+ currencies.
• Approximately 40% of Payoneer Global Inc.'s revenue comes from helping customers sell into non-US markets, highlighting its role in facilitating global trade flows.

Working capital and card services to fuel business growth

For many users, the value extends beyond simple transfers into providing immediate access to funds for business operations and spending. The Payoneer card product is a key enabler here. In the third quarter of 2025, card spend hit a record $1.6 billion, which was up 19% compared to the prior year. This growth in card usage shows users are actively deploying their funds globally for procurement or expenses.

Furthermore, the growth in higher-value services like B2B and Checkout revenue streams shows the platform is successfully upselling working capital solutions. B2B SMB revenue grew by 27% year-over-year to $62 million in Q3 2025, and Checkout revenue saw an even sharper increase of 49% to $9 million in the same period. This suggests that the working capital and payment solutions are becoming more integral to the customers' operational finance. It's defintely a sign of successful product adoption.

The platform is also seeing strong adoption of its integrated financial stack, with 53% of active customers using 3+ accounts payable (AP) products as of Q2 2025.

Access to a global business network of payers and payees

The network effect is a critical, though less directly quantifiable, value proposition. Users gain access to a pool of established payers and payees, which reduces the need to onboard new, unverified counterparties. Payoneer Global Inc. has deepened partnerships with major marketplaces like Amazon, Walmart, and eBay to streamline payouts to sellers in over 120 countries.

The scale of the network is reflected in the total user base estimates. While SEC filings reported approximately 2 million active customers in 2025, the total user base, including indirect users like freelancers and marketplace sellers, is estimated to be between 5 to 8.1 million. This large, interconnected base of businesses and entrepreneurs forms the network that reduces counterparty risk and transaction discovery time for every new user joining the platform.

Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Customer Relationships

You're looking at how Payoneer Global Inc. manages its relationships with its millions of global users, which is key to their strategy of moving upmarket and increasing revenue per customer. Honestly, the data shows a clear dual approach: high-touch service for the biggest spenders and scalable digital tools for everyone else.

Dedicated account management for larger, upmarket customers

Payoneer Global Inc. focuses significant effort on its most valuable customers, the Ideal Customer Profiles (ICPs). As of Q3 2025, the company had 548,000 Active ICPs, defined as customers processing over $500 per month in volume. ARPU excluding interest income growth has been a major indicator of success with this segment, showing a 22% year-over-year increase in Q1 2025 and again in Q3 2025. This sustained, high double-digit ARPU growth is explicitly driven by continued strength with customers processing over $10,000 a month. While the exact number of customers receiving dedicated account management isn't public, the focus on this higher-value cohort suggests a tailored, relationship-driven approach for those contributing the most to the platform's monetization.

Digital self-service tools and automated payment workflows

For the broader base, the relationship is managed through scalable digital tools designed to reduce friction and manual work. Payoneer Global Inc. has been rolling out significant upgrades to its platform in 2025 to automate routine financial operations.

• Redesigned Withdraw to Bank experience for fewer errors.
• Direct bank feed integration, such as with NetSuite, to sync transactions automatically.
• Tools allowing account admins to review and approve batch payments prepared by operational teams.
• Custom exchange rate alerts to remove manual monitoring for conversion timing.

This automation helps scale the relationship without proportionally scaling the support staff, which is crucial for maintaining operational efficiency as the customer base grows.

High cross-selling rate, with 53% of active customers using 3+ AP products

The depth of the customer relationship is directly measured by product adoption. Payoneer Global Inc. is successfully cross-selling its Accounts Payable (AP) products across its user base. As of Q2 2025 reporting, 53% of active customers were utilizing 3 or more AP products. This is a significant increase from 40% reported in Q1 2022, showing a clear trend of customers embedding more of the financial stack into their operations. The platform supports over 160+ currencies and extends its reach to over 210 countries and territories.

Here's a look at how product adoption and revenue diversification are trending:

Metric	Value (Latest Available)	Context/Period
Active Customers Using 3+ AP Products	53%	Q2 2025
ARPU Growth (ex. Interest Income)	22%	Q3 2025 YoY
B2B SMB Revenue Growth	27%	Q3 2025 YoY
Checkout Revenue Growth	49%	Q3 2025 YoY
Customer Satisfaction Rate	97.2%	As of 2025

Digital marketing and in-platform engagement to drive product adoption

Product adoption is reinforced through continuous in-platform communication and strategic partnerships. Payoneer Global Inc. actively promotes its expanded capabilities through platform updates, such as the 'Grow Smarter in 2025' features focusing on workflow automation. The company also leverages key commercial relationships to drive usage of its payout services. For instance, Payoneer Global Inc. has deepened partnerships with Amazon, Walmart, and eBay to simplify cross-border payouts. The platform supports receiving accounts in multiple currencies, including USD, EUR, GBP, and JPY, allowing users to hold balances without immediate conversion. This deep integration into major commerce ecosystems serves as a powerful, implicit form of engagement driving continued platform use.

If onboarding takes 14+ days, churn risk rises.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Channels

You're looking at how Payoneer Global Inc. gets its services into the hands of its global customer base as of late 2025. It's a multi-pronged approach, relying heavily on digital access but supported by deep integrations and physical card utility.

Direct digital platform (website and mobile app)

This is the core interface where most of the action happens. The platform serves as the central hub for account management, receiving funds, and initiating payouts. As of the third quarter of 2025, Payoneer Global Inc. reported serving nearly 2 million active customers. 6.2 million transactions were completed monthly on the platform in 2025, showing consistent daily engagement. The platform's success is also reflected in the Average Revenue Per User (ARPU) excluding interest income, which grew by 22% year-over-year in Q3 2025, marking the fifth consecutive quarter of over 20% growth. This suggests users are not just holding funds but actively using the platform's higher-value services.

Integrated payment solutions for global online marketplaces

This channel is about embedding Payoneer directly into the checkout and payout flows of major e-commerce platforms. It's a critical path for small and medium-sized businesses (SMBs) selling globally. For the third quarter of 2025, revenue specifically from SMBs that sell on marketplaces hit $121 million, an 11% year-over-year increase. Overall volume flowing through the platform reached $22.3 billion in Q3 2025. The company's SMB customer take rate, which includes marketplace revenue, was 121 basis points in Q3 2025.

Here's a quick look at the SMB revenue breakdown from Q3 2025:

SMB Revenue Segment	Q3 2025 Revenue (in millions USD)	Year-over-Year Growth
SMBs that sell on marketplaces	$121 million	11%
B2B SMBs	$62 million	27%
Checkout (Merchant Services)	$9 million	49%

Payoneer-branded physical and virtual prepaid Mastercard cards

The cards offer customers a direct way to spend funds globally, acting as a bridge between their Payoneer balance and the real-world economy. This channel drives transaction volume and interchange revenue. In Q3 2025, spend on Payoneer cards reached a record $1.6 billion, which was up 19% compared to the prior year. This strong usage is a key driver for the growth in higher take-rate franchises the company mentions. The company renewed its long-term agreement with Mastercard in July 2025 to support these multi-currency card offerings.

Direct sales and business development for enterprise clients

This focuses on larger, more complex customers, often categorized as B2B or enterprise payouts, moving beyond the typical freelancer or small seller. The strategy involves moving upmarket to clients with more complex, multi-entity needs. In Q3 2025, revenue from B2B SMBs was $62 million, showing a strong 27% growth. Furthermore, one report indicated that enterprise payouts increased by 19% to $6.5 billion in Q3 2025, pointing to significant direct engagement with larger corporate clients for cross-border payments. Customers doing over $250,000 in monthly Gross Merchandise Volume (GMV) make up roughly 30% of core revenue, and in the B2B franchise, they account for about 50% of that revenue.

The key distribution and service access points look like this:

• Direct digital platform: Primary access for nearly 2 million active customers.
• Marketplace Integration: Drives $121 million in Q3 2025 SMB marketplace revenue.
• Card Issuance: Supported $1.6 billion in card spend in Q3 2025.
• Enterprise/B2B Sales: Targeted at larger clients, contributing to $6.5 billion in enterprise payouts (reported for Q3 2025).

Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Customer Segments

You're looking at the core engine of Payoneer Global Inc.'s business as of late 2025, focusing on who is driving the platform's growth based on the Q3 2025 results.

The primary focus remains squarely on Small and Medium Businesses (SMBs). These customers are the bedrock, generating approximately 70.87% of the total Q3 2025 revenue, which itself was $270.9 million. SMB customer revenue hit $192 million in the third quarter, marking a solid 17% year-over-year increase.

Within the broader SMB group, the B2B segment is showing particularly strong momentum. B2B SMBs revenue was $62 million in Q3 2025, which is a significant 27% year-over-year jump. This growth is a key indicator of Payoneer Global Inc.'s success in moving upmarket, as the CEO noted over 10 consecutive quarters of SMB take rate expansion.

The platform is clearly segmenting its customer base toward higher-value users. Payoneer Global Inc. reported having 548,000 Active Ideal Customer Profiles (ICPs) as of September 30, 2025. An Active ICP is defined as a customer with an average volume of over $500 per month over the trailing twelve-month period.

E-commerce sellers operating on global marketplaces form another critical part of this segment. Their revenue contribution in Q3 2025 was $121 million, up 11% year-over-year. The volume associated with these marketplace sellers reached $12.5 billion in Q3 2025.

Here's a quick breakdown of the revenue generated by the core SMB components in Q3 2025:

Customer Sub-Segment	Q3 2025 Revenue ($ millions)	Year-over-Year Growth
Total SMB Customers	192	17%
B2B SMBs	62	27%
SMBs on Marketplaces	121	11%
Checkout	9	49%

You can see the deliberate focus on higher-value customers, as the overall Active ICP count saw a slight 2% decline to 548,000, reflecting a strategic pivot toward larger clients with scale.

The platform also serves other groups, which contribute to the overall volume:

• B2B payments volume reached $3.1 billion, an increase of 11% year-over-year.
• Enterprise payouts volume was approximately $6.5 billion, up 19% year-over-year.
• Payoneer card spend hit a record $1.6 billion, up 19% year-over-year.

If onboarding takes 14+ days, churn risk rises, defintely something to watch as you scale these segments.

Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Cost Structure

You're looking at the expenses Payoneer Global Inc. racks up to run its global payments platform. Honestly, for a fintech company, the cost structure is dominated by the direct costs of moving money and keeping the tech humming.

Transaction costs are a major variable expense, directly tied to the volume flowing through the platform. For the full year 2025 guidance, Payoneer Global Inc. expects these costs to be approximately ~16.0% of revenue. To be fair, this represents optimization, as Q3 2025 transaction costs were reported at 15.7% of revenue, amounting to $42 million for that quarter alone.

Operating expenses (OpEx) are the fixed and semi-fixed costs of running the business. Payoneer Global Inc. reported total operating expenses of $235 million in Q3 2025. This figure bundles several key areas, including the required technology and employee compensation costs. For a deeper look, we can reference the component breakdown from the first quarter of 2025, which gives you a sense of where the overhead sits:

Expense Category	Q1 2025 Amount (in thousands USD)	Notes
Sales and marketing expenses	54,726	Includes certain customer acquisition costs.
General and administrative expenses	29,904	Includes corporate management compensation and overhead.
Depreciation and amortization	14,390	Amortization of intangible assets and software.
Total Operating Expenses (Q1 2025)	217,298	This is the total for Q1 2025.

Technology development and platform maintenance expenses fall primarily within Research and Development (R&D) and General and Administrative (G&A) lines. R&D specifically covers employee compensation and costs for developing new technologies. Employee compensation is a significant driver across all OpEx categories, especially for the technology teams maintaining the platform and ensuring compliance.

Sales, marketing, and customer acquisition costs (CAC) are managed with an eye toward long-term value. While the specific CAC number for late 2025 isn't published as a single figure, the focus on efficiency is clear. Payoneer Global Inc. saw its customer acquisition costs (CAC) drop by 15% during 2025, reflecting improved marketing return on investment (ROI). The result of this efficiency is a strong unit economic indicator:

• Lifetime Value (LTV) to CAC ratio increased to 4:1.
• Sales and marketing expenses in Q1 2025 were $54.726 million.
• Management noted that the majority of customers are acquired organically.

The overall cost management strategy is about unlocking leverage. The company is focused on optimizing transaction costs via scale and partnerships, alongside automation in back-office functions. Finance: draft 13-week cash view by Friday.

Payoneer Global Inc. (PAYO) - Canvas Business Model: Revenue Streams

Payoneer Global Inc. has reinstated its total revenue guidance for the full fiscal year 2025 to be between $1,050 million and $1,070 million.

A significant component of the revenue base is Interest income on customer funds (float). The expectation for this stream for the full year 2025 is set at $235 million. In the third quarter of 2025, the interest income reported was $59.5 million. Customer funds held as of September 30, 2025, stood at $7.1 billion.

Revenue derived from transactions, which includes cross-border fees, currency conversion spreads, and other service charges, is represented by the Take Rate. The overall Revenue as a percentage of volume (Take Rate) for the third quarter of 2025 was 121 bps. The revenue generated from SMB customers specifically, which feeds into the take rate calculation, reached $192 million in Q3 2025, marking a 17% year-over-year growth. Transaction costs as a percentage of total revenue for Q3 2025 were reported at 15.7%.

Here's a look at the revenue breakdown from the third quarter of 2025, illustrating the transaction-based revenue streams:

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$270.9 million	9 %
Revenue excluding Interest Income	$211.4 million	15 %
Interest Income	$59.5 million	(9) %
Total Volume	$22.3 billion	9 %
Total Take Rate (Revenue as % of Volume)	121 bps	(1) bp

The growth in transaction-based revenue is also evident through specific customer segments and pricing initiatives. You can see the components driving the SMB customer revenue:

• SMBs that sell on marketplaces revenue: $121 million, up 11% year-over-year.
• B2B SMBs revenue: $62 million, up 27% year-over-year.
• Checkout revenue: $9 million, up 49% year-over-year.
• Spend on Payoneer cards: Record $1.6 billion, up 19% year-over-year.

The company is seeing success in driving higher monetization per user, which directly impacts transaction fee realization. ARPU (Average Revenue Per User) excluding interest income grew 22% year-over-year in Q3 2025. Also, ARPU has increased 65% since Q1 of 2023, moving from $286 to over $470.